SIU secures preservation order over Lucky Montana's multimillion-rand properties

The Special Investigating Unit (SIU) has secured a preservation order over two multimillion-rand properties belonging to former Passenger Rail Agency of South Africa (PRASA) Group CEO Lucky Montana, as part of its investigation into alleged corruption linked to PRASA's R5.6 billion Integrated Security Access Management System (ISAMS) contract.

The investigation found that Montana's declared income could not justify the purchase of the properties. Instead, the SIU alleges that the funds used to acquire them were traced to payments from companies within the TMM Holdings group and Precise Trade and Invest 02 (Pty) Ltd, entities linked to the ISAMS contract awarded to Siyangena Technologies.

The preserved assets include a R13.5 million property in Hurlingham, Johannesburg, and a R2.25 million home in Waterkloof, Pretoria.

According to the SIU, bank records show that Precise Trade and Invest received millions of rand from TMM-linked companies before transferring funds to attorneys handling the Waterkloof property purchase in 2014.

The investigation also uncovered a series of financial transactions involving Precise Trade and Invest, Midtownbrace (Pty) Ltd, Siyangena Technologies and TMM Holdings that allegedly financed the purchase of the Hurlingham property, which was registered in Montana's name in July 2015. The SIU noted that the original house on the property was later demolished.

The ISAMS project was introduced to improve security, reduce fare evasion and modernise selected train stations ahead of the 2010 FIFA World Cup. Although initially intended as a pilot programme, the project expanded over time, with the total value of Siyangena's contracts reaching R5.632 billion by April 2016.

The Special Tribunal has ordered the respondents to appear on 11 August 2026 to explain why the interim preservation order should not be made final. It also directed that the SIU institute the main civil recovery proceedings against Montana within 30 days.

The SIU welcomed the ruling, describing it as a significant step towards preserving assets while civil recovery proceedings continue and reaffirming its commitment to recovering state losses and combating corruption.